Mahindra & Mahindra’s total production rose 19.23% year-on-year to 1.22 lakh units in September, compared with 1.02 lakh units in the same month last year, the company said on Friday.
Total sales increased 16.33% to 1.14 lakh units from 97,744 units a year earlier. Exports rose 9.24% to 4,458 units from 4,081 units in September last year.
M&M retains SUV growth outlook
In an update on September 22, Mahindra & Mahindra said it continued to see strong demand for sports utility vehicles (SUVs) and electric vehicles (EVs), while tractor industry growth was expected to moderate.
Rajesh Jejurikar, Executive Director and CEO of the company’s Auto and Farm sectors, said M&M remained on track to meet its earlier growth expectations for SUVs and light commercial vehicles (LCVs).
“On SUVs, beginning of the year, we said that we would grow mid-to-high teens, and we stay with that number. We are on track. On the LCVs, we had said high single digits, which is close to 9-10%,” Jejurikar said.
The company expects tractor industry growth of around 5% for the full financial year, reflecting a higher base following strong growth over the past year, delayed monsoon conditions and pressure on reservoir levels.
“Tractors will see a softening as a percentage of growth on account of the reasons we just spoke about,” Jejurikar said.
The company will also monitor demand during the upcoming festival season to assess the strength of the market.
M&M share price
Shares of Mahindra & Mahindra closed 1.48% higher at ₹2,792 on the NSE on October 9, gaining ₹40.80 from the previous close.
Also Read: Mahindra sees strong SUV, EV demand, tractor growth likely to moderate